❓ The Treasurer outlines initiatives aimed at increasing home ownership in WA, including planning reforms, stamp duty concessions, a presale guarantee scheme, and the shared equity program, while criticising the opposition's stance on housing development.
AnsweredQoN 234Legislative Assembly
QuestionView source ↗
Cook government—Home ownership
234. Mr Rhys Williams to
the Treasurer:
I refer to the Cook
Labor government's commitment to ensuring every Western Australian has a home.
Can the Treasurer
please outline to the house how the Cook Labor government's reforms are making
it easier for Western Australians to buy a home?
234. Mr Rhys Williams to
the Treasurer:
I refer to the Cook
Labor government's commitment to ensuring every Western Australian has a home.
Can the Treasurer
please outline to the house how the Cook Labor government's reforms are making
it easier for Western Australians to buy a home?
AnswerView source ↗
First of all, as the
member knows, both the Minister for Planning and I, as a former Minister for
Planning, have implemented a suite of initiatives on planning reform, cutting
red tape and making it easier to get support and to get developments into
construction. That has been an ongoing piece of work to make sure that we can continue
to deliver reforms, cut red tape and get homes built. Again, I know that the
Liberal and National Parties and the Greens have joined in this alliance
against housing—the "no-alition"—to try to put more red tape into the
system. They want to stop new projects, make them more costly and take more
time. That is not a view that we share.
Of course, we are
implementing a whole range of different initiatives. For example, we have
announced increased concessions for stamp duty in relation to buying product
off the plan or under construction. Not only is it apartments, duplexes and
townhouses, but also we have moved it to survey strata. That means a wider
range of homes out there will be available to first home buyers, but also
downsizers, so a greater range of products. It is about increasing supply. It
is about homes under construction or off the plan. That is all about increasing
supply.
Of course, we also
have our presale guarantee—a new innovative measure in which we are, through
Keystart, guaranteeing the purchase of 50% of an apartment build so that
developers can go ahead, get the finance and start those projects. We know that
some of the current options for finance mean that someone building high or
medium density needs to lock in presales. That is where often these projects
stall—because they cannot get the presale to get the finance to get these
projects up. Sometimes, just honestly, it is a buyer not keen to buy off the
plan because they are unsure whether the development will proceed, so as a
result they are cautious. This presale guarantee means that the government actually
locks in and guarantees 50% of the buyout. It allows the builder or developer
to go out and get their finance knowing that 50% is locked away, committed to
by government. Again, this is attempting to and will get projects from
approvals to construction. It is something that I think will dramatically
transform the rate at which we deliver multi-unit dwellings in this state.
Of course, there is
also the shared equity program, which the Premier has outlined. Again, shared
equity works, but it works when there is product, and that is why a lot of the
product that we announced on Sunday in particular is working with shared
equity. It is making sure that Western Australians have the measure—that is the
shared equity—but also have the stock, which is the products that we are
delivering.
There is a whole
range of initiatives to increase housing supply and help first home buyers.
That is our targeted approach, and we will continue to do this because we know
that we need to continue to address the challenge to deliver as many homes as
fast as possible.
member knows, both the Minister for Planning and I, as a former Minister for
Planning, have implemented a suite of initiatives on planning reform, cutting
red tape and making it easier to get support and to get developments into
construction. That has been an ongoing piece of work to make sure that we can continue
to deliver reforms, cut red tape and get homes built. Again, I know that the
Liberal and National Parties and the Greens have joined in this alliance
against housing—the "no-alition"—to try to put more red tape into the
system. They want to stop new projects, make them more costly and take more
time. That is not a view that we share.
Of course, we are
implementing a whole range of different initiatives. For example, we have
announced increased concessions for stamp duty in relation to buying product
off the plan or under construction. Not only is it apartments, duplexes and
townhouses, but also we have moved it to survey strata. That means a wider
range of homes out there will be available to first home buyers, but also
downsizers, so a greater range of products. It is about increasing supply. It
is about homes under construction or off the plan. That is all about increasing
supply.
Of course, we also
have our presale guarantee—a new innovative measure in which we are, through
Keystart, guaranteeing the purchase of 50% of an apartment build so that
developers can go ahead, get the finance and start those projects. We know that
some of the current options for finance mean that someone building high or
medium density needs to lock in presales. That is where often these projects
stall—because they cannot get the presale to get the finance to get these
projects up. Sometimes, just honestly, it is a buyer not keen to buy off the
plan because they are unsure whether the development will proceed, so as a
result they are cautious. This presale guarantee means that the government actually
locks in and guarantees 50% of the buyout. It allows the builder or developer
to go out and get their finance knowing that 50% is locked away, committed to
by government. Again, this is attempting to and will get projects from
approvals to construction. It is something that I think will dramatically
transform the rate at which we deliver multi-unit dwellings in this state.
Of course, there is
also the shared equity program, which the Premier has outlined. Again, shared
equity works, but it works when there is product, and that is why a lot of the
product that we announced on Sunday in particular is working with shared
equity. It is making sure that Western Australians have the measure—that is the
shared equity—but also have the stock, which is the products that we are
delivering.
There is a whole
range of initiatives to increase housing supply and help first home buyers.
That is our targeted approach, and we will continue to do this because we know
that we need to continue to address the challenge to deliver as many homes as
fast as possible.
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